It centers on cutting in half a 6.2 percent payroll tax on employees, cutting the corporate tax rate to 25 percent from 35 percent and lowering the bottom two income tax brackets to 10 percent and 5 percent, all for one year.

The GOP also proposed $11 billion to help prevent home foreclosures. "Our focus is first on housing, low interest mortgages and a tax credit for home buyers," explains Sen. Lamar Alexander (R) Tennessee on Fast Money. "We want to give every American the opportunity to buy a 4% mortgage."